6301 Reed Rd · Fort Wayne, IN 46835

$359,000

8 bd · 4.8 ba · 4,436 sqft · MultiFamily public records · 34 Days on market

Built 1972 0.28 ac lot $81/sqft · 7% below area Est $387k · 7% under ↓ 5% since listing

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +10.7/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.7/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Great opportunity for investors! This 4-unit complex is perfect for those looking to grow their portfolio or get started in real estate investing. The property features a desirable unit mix, including two 3-bedroom, 1.5-bath units and two 2-bedroom, 1-bath units, offering flexibility and strong rental appeal. With multiple unit sizes, this property is well-suited to attract a variety of tenants and maximize occupancy potential. Don’t miss your chance to own a versatile multi-unit property with solid income potential!

Key facts

• 0.28 acre lot
• 8 parking spots
• Built 1972

What this means for you Summary

Snapshot

• This is a 2×3bd/1.5ba + 2×2bd/1ba units multifamily listed at $359k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $649/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $359k).
• Recommended offer: $348k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.0% vs local median 4.8% in Fort Wayne — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 84/100 on livability (#6 in IN, #676 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime C-, schools D+, employment D+.
• Fort Wayne Community Schools (urban): math 22% / reading 29% proficiency, ranked #263 of 301 in IN (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.9%/yr); 181 active listings in the ZIP; solid renter incomes; 1,861 units permitted in Allen County in 2024 (576 in 5+ unit buildings).
• At $6,091/mo this rent would consume 95% of the median local household income ($77k/yr) (locally 961% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Allen County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $101k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($348k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $348,230 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.70% ✓
• Cap rate: 14.97%
• Cash-on-cash: 31.01%
• DSCR: 2.38
• GRM: 4.9

CMA / ARV

• ARV (median comp): $386,563
• List price: $359,000
• Delta: -7.13%
• Verdict: FAIR
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 31.1%
• Equity multiple: 2.39×
• Total profit: $139,364
• Equity at exit: $53,528

10-year hold

• IRR: 40.8%
• Equity multiple: 5.78×
• Total profit: $480,576
• Equity at exit: $31,040

Cash invested: $100,520 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Indiana: 90 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

10-day pay-or-quit; landlord-favorable; preempted.

Methodology + full state rankings →

ZIP-level market 46835

• Rents YoY: 8.9%
• Active inventory: 181
• Price-to-rent: 18.9×

Monthly cashflow live

• Estimated rent: $6,091 high
• Mortgage (P&I): −$1,883
• Tax from tax record: −$182 /mo · $2,189/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,279
• Net cashflow: $2,597

Break-even live

Break-even rent $2,803

Max offer price $359,000

Occupancy floor 52%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$3,166
▸ 2× units	2	1	$2,926
Total (4 units)			$6,091

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $89,750
• Closing costs: $10,770
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-08
   status Pending 528-char remark

   Show marketing remark (528 chars)

   Great opportunity for investors! This 4-unit complex is perfect for those looking to grow their portfolio or get started in real estate investing. The property features a desirable unit mix, including two 3-bedroom, 1.5-bath units and two 2-bedroom, 1-bath units, offering flexibility and strong rental appeal. With multiple unit sizes, this property is well-suited to attract a variety of tenants and maximize occupancy potential. Don’t miss your chance to own a versatile multi-unit property with solid income potential!

2. 2026-04-22
   price $359,000 528-char remark

   Show marketing remark (528 chars)

   Great opportunity for investors! This 4-unit complex is perfect for those looking to grow their portfolio or get started in real estate investing. The property features a desirable unit mix, including two 3-bedroom, 1.5-bath units and two 2-bedroom, 1-bath units, offering flexibility and strong rental appeal. With multiple unit sizes, this property is well-suited to attract a variety of tenants and maximize occupancy potential. Don’t miss your chance to own a versatile multi-unit property with solid income potential!

3. 2026-04-07
   price $369,000 528-char remark

   Show marketing remark (528 chars)

   Great opportunity for investors! This 4-unit complex is perfect for those looking to grow their portfolio or get started in real estate investing. The property features a desirable unit mix, including two 3-bedroom, 1.5-bath units and two 2-bedroom, 1-bath units, offering flexibility and strong rental appeal. With multiple unit sizes, this property is well-suited to attract a variety of tenants and maximize occupancy potential. Don’t miss your chance to own a versatile multi-unit property with solid income potential!

4. 2026-04-06
   status Active 528-char remark

   Show marketing remark (528 chars)

   Great opportunity for investors! This 4-unit complex is perfect for those looking to grow their portfolio or get started in real estate investing. The property features a desirable unit mix, including two 3-bedroom, 1.5-bath units and two 2-bedroom, 1-bath units, offering flexibility and strong rental appeal. With multiple unit sizes, this property is well-suited to attract a variety of tenants and maximize occupancy potential. Don’t miss your chance to own a versatile multi-unit property with solid income potential!

5. 2026-03-20
   listed $379,000 Active 528-char remark

   Show marketing remark (528 chars)

   Great opportunity for investors! This 4-unit complex is perfect for those looking to grow their portfolio or get started in real estate investing. The property features a desirable unit mix, including two 3-bedroom, 1.5-bath units and two 2-bedroom, 1-bath units, offering flexibility and strong rental appeal. With multiple unit sizes, this property is well-suited to attract a variety of tenants and maximize occupancy potential. Don’t miss your chance to own a versatile multi-unit property with solid income potential!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $2,189 · $182/mo
• Projected year-2 tax: $2,620 · $218/mo
• Expected delta: +$431/yr (+$36/mo · 19.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $73,092
• − Mortgage interest: −$20,110
• − Property taxes: −$2,189
• − Insurance: −$1,795
• − Repairs & maintenance: −$5,847
• − Management: −$5,847
• − Depreciation: −$10,444
• Taxable income: $26,860
• Est. tax owed @ 24.0%: −$6,446
• After-tax cash flow: $24,720/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Fort Wayne Community Schools
• NCES district ID: 1803630
• Math proficiency: 22% ▼ -11.00%
• Reading proficiency: 29% ▼ -7.00%
• Median HH income: $41,951
• Composite: 21.68/100
• National rank: #8275
• State rank: #263 of 301 in IN

Livability — Fort Wayne

• Score: 84/100
• State rank: #6
• US rank: #676

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime C- Employment D+ Housing A+ Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fort Wayne, IN
• County: Allen County · 326,813 people
• City population: 326,813
• Metro: Fort Wayne, IN
• Population (ZIP): 38,166
• Household income: $77,152
• Rent vs Own: 26.0% rent · 74.0% own
• Severe rent burden: 961.0

Population outlook (Allen County) Hauer SSP2

• Today (2025): 394,020 people
• By 2030: 405,128 · +2.8%
• By 2040: 423,476 · +7.5%
• By 2050: 435,137 · +10.4%
• By 2075: 450,293 · +14.3%
• By 2100: 424,101 · +7.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Two or more races 10% Hispanic / Latino 8% Black 6% Asian 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 3% Lithuanian 3% Romanian 2%
• Foreign-born: 6% · Canada, Vietnam, Philippines
• Languages at home: 91% English-only · Spanish 3% Other Asian/Pacific 2% Other Indo-European 1%

Political lean MEDSL · Allen

• 2024 margin: R (+12.5) · D 42.9% · R 55.4% · Other 1.7%
• 2008→2024 swing: -8.1pp toward R · 2008: -4.3pp · 2024: -12.5pp
• All cycles: 2024: R+12.5 2020: R+11.2 2016: R+19.6 2012: R+16.8 2008: R+4.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -236.62%
• Current HPI: 236.3419
• Rent YoY: ▲ 8.95%
• Metro: Fort Wayne, IN
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

Industry mix (Fortune 500 HQ in IN)

Industry	F500 HQs	Revenue
▸Industrial Machinery	2	$37B
▸Healthcare	1	$177B
▸Pharmaceuticals	1	$45B
▸Metals / Steel	1	$18B
▸Agriculture	1	$17B
▸Packaging	1	$12B

Price history

-5.3% since first listed

5 events — show timeline

• 2026-05-08 Pending — IRMLS
• 2026-04-22 Price Changed $359,000 IRMLS
• 2026-04-07 Price Changed $369,000 IRMLS
• 2026-04-06 Relisted — IRMLS
• 2026-03-20 Listed $379,000 IRMLS

Property tax history

-3.6%/yr

Latest (2024): $2,189 · -19.6% YoY. Source: county tax records.